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Home / Business / Zoom video communications reports for the second quarter of fiscal year 2020

Zoom video communications reports for the second quarter of fiscal year 2020



  • Total revenue for the second quarter of $ 145.8 million, up 96% year-on-year
  • Customers contributing more than $ 100,000 in TTM revenue 104% year-over-year

<p class = "canvas-atom canvas -text Mb (1.0 cm) Mb (0) – sm Mt (0.8 cm) – sm" type = "text" content = "SAN JOSE, California, September 05, 2019 (GLOBE NEWSWIRE) – September 5, 201

9 – Zoom Video Communications, Inc. ( ZM ), a provider of video-first unified communications, today announced financial results for the quarter ended July 31, 2019. "data-reactid =" 14 "> SAN JOSE, California, September 05, 2019 (GLOBE NEWSWIRE) – September 5, 2019 – Zoom Video Communications, Inc. (ZM), a provider of video-first unified communications, in today announced financial results for the quarter ended July 31, 2019.

“Zoom delivers happiness to our customers by offering a frictionless, unified communications platform that can transform how teams communicate and collaborate. Our technology enables businesses to make decisions faster, increase engagement and increase productivity. I am proud that we continue to build trust and create value for customers, evidenced by our strong combination of total revenue growth of 96% with increased profitability and free cash flow in Q2, "commented Eric S. Yuan, Founder and CEO director of Zoom.

<p class = "canvas-atom canvas text Mb (1.0 em) Mb (0) – sm Mt (0.8 em) – sm" type = "text" content = " Second Quarter Fiscal 2020 Financial Highlights: "data-reactid =" 16 "> Second Quarter Financial Fiscal 2020 Financial Highlights:

  • Revenue: Total revenue for the quarter was $ 145.8 million, an increase of 96% the year before
  • Operating and operating margin income: GAAP operating income for the quarter was $ 2.3 million, compared to $ 3.4 million in the second quarter of fiscal 2019. After adjusting for share-based compensation expense and related payroll taxes, non-GAAP operating income for the second quarter was $ 20.7 million, up from $ 4.5 million in the second quarter of fiscal 2019. For the second quarter, GAAP operating margin was 1.6% and operating margin excluding GAAP 14 , 2%.
  • Net income and net income per share: GAAP net income attributable to common shareholders in the quarter was $ 5.5 million, or $ 0.02 per share, compared to GAAP net income attributed to ordinary shareholders of $ 0.5 million $ 1945 or $ 0.00 per share in the second quarter of fiscal 2019.

    Non-GAAP net income for the quarter was $ 24.0 million, after adjustment for stock-based compensation expense and related payroll taxes and unallocated income attributable to participating securities, and net income per share was not $ 0.08. In the second quarter of fiscal year 2019, net GAAP revenue was $ 4.9 million, or $ 0.02 per share. The non-GAAP weighted average number of shares has been adjusted to reflect the shares of Class A shares issued in connection with the IPO, including all private placement, outstanding at the end of the period as if outstanding from the beginning of the comparability period. .

  • Cash: Total cash, cash equivalents and marketable securities as of July 31, 2019 were $ 755.3 million.
  • Cash Flow: Net cash provided by operating activities was $ 31.2 million for the quarter, compared to $ 14.4 million in the second quarter of fiscal 2019. Free cash flow was $ 17.1 million, compared to $ 8, 2 million in the second quarter of fiscal 2019.

<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Customer Methods: & nbsp; Drivers of total revenue include acquiring new customers and expanding across existing customers. At the end of the second quarter of fiscal year 2020, Zoom:" data-reactid = "24" > Customer Methods: Drivers of total revenue include acquiring new customers and expanding across existing customers. At the end of the second quarter of fiscal 2020, Zoom had:

  • Approximately 66,300 customers with more than 10 employees, an increase of approximately 78% from the same quarter last year.
  • 466 customers who contributed more than $ 100,000 over 12 months. revenues, an increase of about 104% from the same quarter last year.
  • A subsequent 12 month net dollar expansion rate for customers with more than 10 employees over 130% for the fifth consecutive quarter.

<p class = "canvas – atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Financial Outlook: & nbsp; Zoom provides the following guidance for the third quarter's fiscal 2020 and full-year fiscal year 2020. "data-reactid =" 29 "> Financial Outlook: Zoom provides the following guidelines for the third quarter's fiscal 2020 and full year fiscal 2020.

  • Third Quarter Financial 2020: Total revenues are expected to be between $ 155.0 million and $ 156.0 million and non-GAAP revenues are expected to be between $ 6.0 million and $ 7.0 million. Q3 non-GAAP EPS is expected to be approximately $ 0.03 with approximately 294 million non-GAAP weighted average shares.
  • Full Year Fiscal 2020: Total revenue is expected to be between $ 587 million and $ 590 million and non-GAAP operating income is expected to be between $ 42 and $ 45 million. EPS is not expected to be approximately $ 0.18 to $ 0.19 for the full year with non-GAAP weighted average shares.

Further information on Zoom's reported results, including a reconciliation of non-GAAP results with their most comparable GAAP measures, is included in the financial tables below. A reconciliation of non-GAAP guidance measures with similar GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty surrounding expenses that may accrue in the future.

An additional financial presentation and other information may be accessed through the Zoom Investor Relations website at investors.zoom.us.

<p class = "canvas atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Zoom Video Earnings Call "data-reactid =" 35 "> Zoom Video Earnings Call

<p class =" canvas-atom canvas-text Mb (1.0em) Mb (0) – cm Mt (0.8em) – cm "type =" text "content =" Zoom will host a Zoom Video webinar for investors on September 5, 2019 at 2:30 pm Pacific Time / 5:30 pm Eastern Time to discuss the company's financial performance and business highlights. will be invited to attend the Zoom Video Webinar by visiting: & nbsp; https://investors.zoom.us/ "data-reactid =" 36 "> Zoo m will host a Zoom Video Investor Webinar September 5, 2019 at 2:30 pm. Pacific Time / 5:30 p.m. Eastern Time to discuss the company's financial performance and business highlights. Investors are invited to attend the Zoom Video Webinar by visiting: https://investors.zoom.us/

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" About Zoom "data-reactid =" 37 "> About Zoom

<p class =" canvas – atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Zoom Video Communications, Inc. ( ZM ) brings team together to get more done in a frictionless video environment Our simple, reliable and innovative video-first unified communications platform delivers video conferencing, voice, webinars and chat on desktop, telephones, mobile devices and conference room systems. Zoom helps businesses create enhanced experiences with leading business app integrations and developer tools to create custom workflows. Zoom was founded in 2011 and is headquartered in San Jose, California with offices worldwide. Visit [19659024] zoom.com . "data-reactid =" 38 "> Zoom Video Communications, Inc. (ZM) brings together teams to get more done in a frictionless video environment. Our simple, reliable and innovative video-first unified communications platform provides video conferencing, voice, webinars and chat Zoom helps businesses create enhanced experiences with leading business app integrations and developer tools to create custom workflows. Zoom was founded in 2011 and is headquartered in San Jose, California, with offices around the world. Visit zoom.com .

<p class = "canvas-atom canvas text Mb (1.0 em) Mb (0) – sm Mt (0.8 em) – sm" type = "text" content = " Forward-looking statements " data-reactid = "39"> Forward-looking statements

This press release contains explicit and implied "forward-looking statements" within the meaning of the Reform Act of 199 5, and in some cases you can identify forward-looking statements by terms such as "predict," "believe," "estimate," "expect," "think," "can," "can," "plan," "project," "Will", "would", "should", "could", "can", "could", predict, "" potential, "" aim, "" explore, "" continue, "or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These statements may be related to our market size and growth strategy, our estimated and estimated costs, margins, revenues, expenses and growth rates, our future operating results or financial conditions, our plans and targets for future operations, growth, initiatives or strategies. . These statements are inherently subject to a number of uncertainties and risks, including factors beyond our control, which may cause actual results, performance or performance to differ materially and negatively from those assumed or implied in the statements. These assumptions, uncertainties and risks include that our business, among other things, will be harmed by a possible decline in new customers and hosts, renewals or upgrades. Our limited operating history makes it difficult to evaluate prospects and future operating results, we operate in competitive markets, we may not be able to sustain future revenue growth, our business will be harmed by significant interruptions, delays or power outages in our services. co-located data centers, and internet infrastructure failures or disruptions of broadband access can cause current or potential users to believe that our systems are unreliable. Additional risks and uncertainties that may cause actual outcomes and results to differ materially from those contemplated in the forward-looking statements are included under the heading “Risk Factors” and elsewhere in the most recent filings with the Securities and Exchange Commission (“SEC”) , including our quarterly report on Form 10-Q for the quarter ended April 30, 2019. Forward-looking statements only speak from the date when the statements are made and are based on information available to Zoom at the time the statements are made and / or the management's belief in it the timing of future events. Zoom assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

<p class = "canvas-atom canvas-text Mb (1.0 em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Non-GAAP Financial Measures "data-reactid =" 45 "> Non-GAAP Financial Measures

In this press release, Zoom has provided financial information that has not been prepared in accordance with generally accepted accounting principles in United States (GAAP). Zoom uses these non-GAAP financial measures internally to analyze its financial performance and believes that using these non-GAAP financial measures is useful to investors as an additional tool to evaluate current operating results and trends and to compare Zoom's financial performance with others companies in the industry, many of which present similar non-GAAP financial measures.

Non-GAAP financial measures are not intended to be considered in isolation or as a substitute for comparable GAAP financial measures and should only be read in conjunction with Zoom's condensed consolidated financial statements prepared in accordance with GAAP. A reconciliation of Zoom's historical non-GAAP financial measures with the most directly comparable GAAP measures is provided in the accounting tables included in this press release, and investors are encouraged to review it.

Non-GAAP Income From Operations. Zoom defines non-GAAP income from operations as business income excluding equity-based compensation expense and related payroll taxes. Zoom excludes stock-based compensation costs because it is not cash-based, and excluding this expense provides meaningful additional information about Zoom's operating results and allows investors to make a more meaningful comparison between Zoom's operating results and those of other companies. Zoom excludes the amount of payroll tax related to employee share plans, which is a cash expense because we believe that excluding this item provides meaningful additional information about operating income. In particular, this expense is dependent on the price of our common stock and other factors that are beyond our control and do not correlate with the operation of the business.

Net GAAP Net Income and Non-GAAP Net Income Per Share, Basic and Diluted. Zoom defines non-GAAP net income and non-GAAP net income per share, basic and diluted, to which GAAP net income is attributed to common shareholders and GAAP net income per share is attributed to ordinary shareholders, basic and diluted, respectively, to exclude share-based compensation expense and related expense expense. and unallocated income attributable to participating securities. Zoom excludes non-distributed earnings that can be attributed to participating securities because they are considered by management to be outside of Zoom's core business performance, and excluding them gives investors and management greater visibility into the underlying performance of Zoom's business operations, facilitates comparability of results with other periods, and also facilitate comparison with the performance of other companies in the industry.

To calculate non-GAAP net income per share, basic and diluted, Zoom uses a non-GAAP weighted average percentage. Zoom defines non-GAAP weighted average shares used to calculate non-GAAP net earnings per share, basic and diluted, to which GAAP weighted average shares used to calculate net income per share are attributed to ordinary shareholders, basic and diluted, adjusted for to reflect the ordinary shares issued in connection with the IPO, including the concurrent issue, which are outstanding from the end of the period as if they were outstanding from the beginning of the comparability period.

Free Cash Flow. Zoom defines free cash flow as GAAP net cash provided by operating activities minus property and equipment purchases. Zoom considers free cash flow to be a liquidity measure that provides useful information to management and investors about net cash provided by operating activities and cash used for investment in real estate and equipment required to maintain and grow the business.

<p class = "canvas atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Customer Metrics "data-reactid =" 52 "> Customer Metrics

Zoom defines a customer as a separate and distinct purchasing entity, which can be a single paid host or organization of all sizes (including a distinct entity in an organization) that has multiple paid hosts.

Zoom calculates the rate of expansion of net dollars per period end by starting with the annual recurring revenue (ARR) of all customers with more than 10 employees from 12 months prior (Prior Period ARR). Zoom defines ARR as the annual revenue operating rate for subscription agreements from all customers at one time. We then calculate ARR from these customers from the Current Period ARR, which includes any sales, contraction and fatigue. Zoom divides the current period ARR from the previous period ARR to arrive at the net dollar's expansion rate. For the 12-month calculation, Zoom takes an average of the net dollar's expansion rate over a 12-month period.

<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Press Relations " data -reactid = "55"> Press Relations

<p class = "canvas-atom canvas -text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Priscilla Barolo
Manager, Communications for Zoom
press@zoom.us [19659021]" data-reactid = "56"> Priscilla Barolo
Manager, Communications for Zoom
press @ zoom. us

<p class = "canvas atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Investor Relations "data-reactid =" 57 "> Investor Relations

<p class =" canvas atom canvas text Mb (1.0 em) Mb (0) – sm Mt (0.8 em) – sm "type =" text "content =" Tom McCallum
Zoom Investor Relations Manager
408.675.6738
investors@zoom.us "d ata-reactid =" 58 "> Tom McCallum [ 1 9459021] Investor Relations Manager for Zoom
408.675.6738
investors@zoom.us

] Zoom Video Communications, Inc.
Condensed Consolidated Balances
(Undeveloped, in Thousands)
As of
31. July [19659055] 2019 31. January
2019
Assets
Current assets:
Cash and cash equivalents $ 213,886 $ 63,624
Transferable securities 541,380 ] 112,777
Accounts receivable, net 95,682 63,613
Deferred acquisition cost of contract, current 35,502 26,453
Prepayments and other prepaid expenses 29,609 [19659061] 10,252
Total current assets 916,059 276,719
Exposed acquisition cost, long-term 37,688 Property and equipment, net 51,987 37,275
Property lease use right for assets 51,126
Other fixed assets 13,063 [19659061] 11,508
Total assets [19659087] $ 1,069,923 $ 354,565
Liabilities, convertible preferred stock and equity (deficit) [19659116]
Short-term debt :
Payments $ 819 $ 4,963
Accrued expenses and other current liabilities 64,586 [19659060] 32,256
Deferred income, current 163,591 115,122
Total short-term debt 228,996 152,341
Deferred income, long-term 17,816 19659094] 10,651
Operating lease commitments, long-term ] 48,104
Other liabilities, long-term 31,211 39,460
Total debt 326,127 202,452
]
Ko nvertible preferred stock 159,552
Share capital (deficit): [19659061]
Preferred stock
] –
Joint Stock 272 89
Additional paid-up capital 760,990 [19659061] 17 760
Accumulated other comprehensive loss [19659060] (68) (135)
Accumulated deficit [19659074] (17,398) (25,153)
Total equity (deficit) 743.796 [19659072] (7,439)
Total debt, convertible preferred stock and shareholders' equity (deficit) $ 1,069,923 $ 354,565

Note: The amount of non- debited accounts receivable included in accounts receivable, net of the condensed consolidated balance sheets were July 8.5, and January 31, 2019 respectively, $ 8.5 million r and $ 7.2 million.

Zoom Video Communications, Inc.
Condensed Consolidated Statements of Operations
(Unannounced, in Thousands, Excluding Share and Per Share Amount)
Three Months Ended
31. July
Six months ended
31. July
2019 2018 2019 [19659217] 2018
Revenue $ 145826 $ [19659160] 74526 $ 267814 $ 134596 [19659063] Revenue costs 27,900 12,973 52,004 19659060] 24,633
Gross profit 117,926 61,553 215,810 109,963
Operating expenditure: [1945]

Research and Development [19659074] 15.054 7.049 28.837 [19659060] 13,313
Sales and marketing 79,652 41,054 143,693 [19659238] 77,315
General and administrative [19659060] 20,955 10,028 39,458 17,597
Total operating expenditure 115,661 19659090] 58.131 211.988 108.225
Operating income 2.265 3.422 3.822 1.738
Net interest income 2,864 463 3,522 899
Other income, net 1,628 81 [19659238] 1 943 86
Net income before provision for income tax 6757 3,966 9,287 [19659090] 2,723
Provision for income tax (1 216) [19659443] (141) (1,532) (238)
Net Revenue [19659090] 5.541 3.825 7755 [1 9659443] 2,485
Unallocated income attributable to participating securities (20) (3,329) (2,794) (2,485 )
Net income attributed to ordinary shareholders $ 5.521 $ 496 $ 4.961 $ – [19659074]
Net income per share is attributed to common shareholders: 19659443]
Basic $ 0.02 $ 0.01 [19659061] $ 0.03 $ 0.00
Diluted $ 0.02 $ 0.00 $ 0.02 $ [19659390] 0.00
Weighted average share used in the calculation of n one share per share is attributed to ordinary shareholders:
Basic 271813141 83330741 [1965130510 81999734
Diluted 292 185 665 108 454 323 215 774 619 107.584.379

]

Zoom Video Communications, Inc.
Condensed Consolidated Cash Flow Statements
(U Thousands Thousands)
Three Ended Months
31. July
Six months ended
31. July
2019 [19659217] 2018 2019 2018
Cash flow from operating activities:
Net income $ 5.541 $ 3,825 $ 7755 $ 2,485
Adjustments to Reconcile Net Income with Net Cash Provided by Operations: [19659442]
Share-based compensation cost 18,075 [19659074] 1 126 24 737 1 975
Amortization of deferred tax for contract 8607 4,730 16,026 8,647
Depreciation and amortization 3,850 1451 7,174 2,618
Amortization of the Open Ranking of Use Rights 1,583 [19659060] 3 116
Provision for accounts receivable 1 865 [19659074] 637 2693 1056
Other (771) [19659443] 27 (514) 38 [19659073] Changes in assets and liabilities:
Accounts receivable (19 258) (9,241) ) (35,361) (22,600)
Prepaid expenses and other assets (14,980) (2,252) (23,597) ) (4,132)
Deferred contract cost (19,266) (13,647) (33,700) (22,768) [19659528] Payments [19659060] (7.156) [19659238] (992) (2,783) (206)
Accrued expenses and other obligations 22,700 10.879 [19659074] 34.923 14.561
Deferred income 32.677 17808 56.234 35.436
Net operating income 19659060] (2,295) (3,295)
Net cash provided by operating activities 31,172 14,351 [19659090] 53,408 17,110
Cash flows from investing activities:
19659060] (455,175) (14,776) (478,487) (30,276)
Maturities of marketable securities [19659074] 22,050 11,935 50,940 23,755
Purchase of property and equipment (14,040) (6.177) [19659443] (20,937) (10,027)
Net cash used in investment activities (447,165) (9,018) (448,484) [19659238] (16,548)
Cash flow from financing activities:
Revenue from the original public and private placement, net of loss discounts and commissions and other offer costs (524) 542,947
Income from exercise of stock options, net after repurchase 410 388 2191 576
Principal payments on capital lease obligations (39) (92)
Net cash (used in) provided by financing activities ( 114) [19659238] 349 545,138 484
Net (reduction) increase in cash, cash equivalents and restricted cash (416,107) 5,682 150.062 1.046
Kontanter, kontantekvivalenter og begrensede kontanter – begynnelsen av perioden 632.137 32.185 65.968 [19659060]36.821
Kontanter, kontantekvivalenter og begrensede kontanter – slutten av perioden $ 216.030 $ 37.867 $ 216.030 19659238 ] $ 37.867
Zoom Video Communications, Inc.
Avstemming av G AAP til ikke-GAAP-tiltak
(Uanmeldt, i tusenvis , eks cept andel og per aksje beløp)
Tre måneder slutt
31. juli
Seks måneder avsluttet
31. juli
2019 2018 2019 2018
GAAP-inntekter fra drift $ 2.265 $ 3.422 $ 3,822   $ 1,738
Add:              
Stock-based compensation expense and related payroll taxes 18,469   1,126   25,131   1,975
Non-GAAP income from operations $ 20,734  [19659110]$ 4,548   $ 28,953   $ 3,713
             
GAAP net income attributable to common stockholders $ 5,521   $ 496   $ 4,961  [19659476]$
Add:              
Stock-based compensation expense and related payroll taxes 18,469   1,126   25,131   1,975
Undistributed earnings attributable to participating securities 20   3,329   2,794   2,485
Non-GAAP net income $ 24,010   $ 4,951   $ 32,886   $ 4,460
               
GAAP net income per share – basic and diluted:          [19659238]   
GAAP net income per share – basic $ 0.02   $ 0.01   $ 0. 03   $ 0.00
GAAP net income per share – diluted $ 0.02   $ 0.00   $ 0.02   $ 0.00
Non-GAAP net income per share – basic $ 0.09   $ 0.02   $ 0.12   $ 0.02
Non-GAAP net income per share – diluted $ 0.08   $ 0.02   $ 0.11   $ 0.02
               
GAAP weighted-average shares used to compute net income per share – basic 271,813,141   83,330,741  [19659074]192,130,510   81,999,734
Add:              
Non-GAA P unweighted adjustment for common stock issued in connection with IPO   152,665,804   75,590,307   152,665,804
Non-GAAP weighted-average shares used to compute net income per share – basic 271,813,141   235,996,545   267,720,817   234,665,538
               
GAAP weighted-average shares used to compute net income per share – diluted 292,185,665   108,454,323   215,774,619   107,584,379
Add:              
Non-GAAP unweighted adjustment for common st ock issued in connection with IPO   152,665,804   75,590,307   152,665,804
Non- GAAP weighted-average shares used to compute net income per share – diluted 292,185,665   261,120,127   291,364,926   260,250,183
               
Net cash provided by operating activities $ 31,172   $ 14,351   $ 53,408   $ 17,110
Less:              
Purchases of property and equipment (14,040)   (6,177)   (20,937)   (10,027)
Free cash flow (non-GAAP) $ 17,132   $ 8,174[19659238]  $ 32,471   $ 7,083
Net cash used in investing activities $ (447,165)[19659443]  $ (9,018)   $ (448,484)   $ (16,548)
Net cash (used in) provided by financing activities $ (114)   $ 349   $ 545,138   $ 484


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